MIRA
INFORM REPORT
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Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOLUTIONS INDIA SYSTEMS PRIVATE LIMITED |
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Registered Office : |
A-503, Vertex Vikas Building, Sir M.V. Road, Mumbai-400069,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.03.1997 |
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Com. Reg. No.: |
11-106468 |
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CIN No.: [Company
Identification No.] |
U32109MH1997PTC106468 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers and Distributors of NEC Visual Systems and
Supporting Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 79000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company has satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Jaisla |
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Designation : |
Accountant |
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Date : |
06.11.2008 |
LOCATIONS
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Registered Office/ Head Office : |
A-503, Vertex Vikas Building, Sir M.V. Road, Mumbai-400069,
Maharashtra, India |
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Tel. No.: |
91-22-66924499/ 66989781/ 82/ 83/ 84 |
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Fax No.: |
91-22-66920872 |
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E-Mail : |
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Website : |
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Branches : |
Located at : ·
Mumbai ·
Delhi ·
Chennai ·
Pune ·
Kolkota ·
Bangalore |
DIRECTORS
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Name : |
Mr. Trilokinath S Rastogi |
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Designation : |
Director |
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Address : |
33-C , Kanyakumari, Sir M.V. Road, Andheri (East), Mumbai-400069,
Maharashtra, India |
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Date of Birth/Age : |
12.01.1935 |
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Date of Appointment : |
11.03.1997 |
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Name : |
Mr. Punit T Rastoji |
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Designation : |
Director |
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Address : |
33-C , Kanyakumari, Sir M.V. Road, Andheri (East), Mumbai-400069,
Maharashtra, India |
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Date of Birth/Age : |
14.11.1971 |
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Date of Appointment : |
11.03.1997 |
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Name : |
Mr. Jaimala T Rastoji |
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Designation : |
Director |
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Address : |
33-C , Kanyakumari, Sir M.V. Road, Andheri (East), Mumbai-400069,
Maharashtra, India |
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Date of Birth/Age : |
09.07.1943 |
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Date of Appointment : |
11.03.1997 |
KEY EXECUTIVES
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Name : |
Mr. Jaisla |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Jaimala Rastosji |
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18500 |
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Punit Rastogi |
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26500 |
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Trilokinath Rastogi |
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12500 |
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Trilokinath Rastogi (HUF) |
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2500 |
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Dharini Rastogi |
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2500 |
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Total |
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62500 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importers and Distributors of NEC Visual Systems and
Supporting Products. |
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Products : |
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Agencies Held : |
·
NEC ·
Cannon ·
Panasonic ·
Siemens ·
Greston |
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Terms : |
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Selling : |
Cash and Credit ( 30 Days) |
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Purchasing : |
Credit ( 30 Days) |
GENERAL
INFORMATION
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Customers : |
·
Patni ·
Mphais ·
TATA Consultancy Sevices ·
Intel ·
Celetronix ·
Neilsoft Zycus ·
Crestron ·
Eureka Forbes ·
Atosy Origin ·
Airtel ·
Bharti ·
ICICI Bank ·
Bajaj Allianz |
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No. of Employees : |
100 |
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Bankers : |
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HDFC Bank Limited, Housesenapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India ·
Union Bank of India, Andheri East Branch, Mayani Manor, Sir, M.V.
Road, Andheri (East), Mumbai-400069, Maharashtra, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
B.L. Agarwal Chartered Accountnat |
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Address : |
14/16, Popatwadi, 1st Floor, Kalbadevi Road, Mumbai-400002,
Maharashtra, India |
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Associates/Subsidiaries : |
Solution India Sevices |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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62500 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.625
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.625 |
0.625 |
0.625 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.286 |
8.613 |
7.219 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.911 |
9.238 |
7.844 |
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LOAN FUNDS |
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1] Secured Loans |
12.403 |
7.601 |
7.978 |
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2] Unsecured Loans |
3.551 |
1.429 |
1.453 |
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TOTAL BORROWING |
15.954 |
9.030 |
9.431 |
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DEFERRED TAX LIABILITIES |
0.692 |
0.524 |
0.473 |
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TOTAL |
32.557 |
18.792 |
17.748 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.608 |
3.994 |
3.846 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
17.600
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9.458 |
12.213 |
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Sundry Debtors |
25.670
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16.307 |
19.028 |
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Cash & Bank Balances |
0.574
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0.279 |
0.733 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
5.720
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2.102 |
2.026 |
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Total
Current Assets |
49.564
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28.146 |
34.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
24.561
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12.877 |
19.483 |
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Provisions |
1.054
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0.473 |
0.619 |
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Total
Current Liabilities |
25.615
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13.350 |
20.102 |
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Net Current Assets |
23.949
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14.796 |
13.898 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.002 |
0.004 |
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TOTAL |
32.557 |
18.792 |
17.748 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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131.602 |
96.869 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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131.602 |
96.869 |
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Profit/(Loss) Before Tax |
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10.474 |
3.472 |
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Provision for Taxation |
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3.801 |
2.078 |
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Profit/(Loss) After Tax |
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6.673 |
1.394 |
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Imports : |
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Import Value |
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49.804 |
38.923 |
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Expenditures : |
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Cost of Goods Sold |
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87.083 |
67.968 |
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Administrative Expenses |
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33.368 |
24.926 |
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Depreciation & Amortization |
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0.677 |
0.503 |
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Total Expenditure |
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121.128 |
93.397 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.07
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1.44 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
7.96
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3.58 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.01
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10.80 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.66
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0.38 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.61
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2.43 |
3.77 |
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Current Ratio (Current Asset/Current Liability) |
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1.93
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2.11 |
1.69 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the company has been shifted from 3/9, Morya
House, B/66/67, Veeraindustrial Estate, Opposite Oshiwara, Link Road, Andheri
(West), Mumbai-400053, W.E.R. 01.06.1999 Maharashtra, India to present address
w.e.f. 01.06.2006
Trade References:
·
Intel
·
Patni
·
Bajaj Allainz
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U32109MH1997PTC106468 |
|
Name of the
company |
SOLUTIONS INDIA SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
A-503, Vertex Vikas Building, Sir M.V. Road, Mumbai-400069,
Maharashtra, India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
HDFC Bank Limited, Housesenapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation |
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Date of
instrument Creating the charge |
31.01.2008 |
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Amount secured by
the charge |
Rs. 20.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the rate
as may be communicated by the Bank from time to time. Terms of
Repayment On demand Margin Company shall at
times during the continuance of this security maintain the said debts of a
sufficient amount to provide the margin of security as may from time to time
advised by the Bank Extent and
Operation of the charge Hypothecation by
way of First Charge on Company’s Stocks, Book Debts etc. to secure as a
continuing security |
|
Short particulars
of the property charged |
Hypothecation by way
first charge on (a) All the stock in trade both present and future consisting
of raw materials, finished goods, goods in process of manufacturing and other
merchandise, fixed assets and whatsoever being movable properties (b) All
present and future book debts…. As per
Annexure Attached |
Fixed Assets:
·
Office Equipments
·
Premises
·
Computers
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Fax Machines
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Furniture and Fixture
·
Mobile Phone
·
Motor Car
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Modem
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Pager
·
Electrical installation
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C C Camera
·
Conference Room Equipment
·
Air Conditioner
AS PER WEBSITE
Profile:
For more than 10 years Solutions India Systems Private
Limited, is a name of repute in the Audio Visual industry. Today Audio Visual
is assuming more and more importance in the context of better communication and
well connected and networked offices.
Today’s business is not about using a projector for a
conference room, it is about creating a right environment and using the right
equipment to boost communications and improve networking. It is about using
technology to make life easier and utilize facilities more effectively.
They therefore provide a range of customized Audio Visual
Solutions and Consultancy which offer designing, creation, building and
operating state of the art facilities which go beyond just providing “Boxes”.
Customized Audio Visual solutions bring about a tremendous
change in the way people communicate and interact between offices and also
highlight the techno savvy image of the right use of technology within a
company.
They offer a wide spectrum of AV technologies and
integration of:
·
Video
Conferencing on ISDN, IP and Leased lines and Audio Conferencing.
·
Projectors
and Plasma Displays.
·
Motorized
/ Remote controlled screens and Drapes.
·
Lighting
Control.
·
Audio –
Speech Reinforcement and Program Audio.
·
Control
Systems – for Touch Screen control of all equipments.
·
Switching,
Distribution, Cabling and complete Installation
With leading brands whom they represent like NEC, Crestron,
Extron, Polycom, Tandberg, Remaco etc. They have assured
reliability and sufficient expertise in Handling, Installing and maintaining
such Integration sites.
They invite you to visit the Demo room where they have
showcased fully Integrated A/V room.
They also request you to offer them an opportunity to offer
Design Consultancy for the upcoming or existing facilities.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|